Social Security

2024 Social Security Changes You Must Know!

The cost-of-living adjustment (COLA) may grab the headlines, but several elements of Social Security change annually to align with national trends in prices and wages, impacting the benefits received by millions of Americans and the taxes paid by nearly all U.S. workers. Here are five significant alterations to Social Security in 2024: #1 Enhanced COLA Benefits The inflation rate moderated significantly in 2024, but consumer prices increased, resulting in a 3.2 percent COLA for Social …

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Will new laws increase Social Security benefits for early claimants

Washington, D.C. – The solvency of Social Security is once again in the spotlight, as recent Republican presidential debates draw attention to potential changes to the retirement age. With the Social Security Board of Trustees projecting that the program’s combined funds may run out in 2034, lawmakers are considering options to address the issue, including raising taxes, cutting benefits, or a combination of both. During the Republican presidential debates, the possibility of raising the retirement …

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How to overcome Social Security cuts in retirement

As retirement approaches, many baby boomers are facing financial insecurity. Congress has been deliberating for a long time over potential cuts to Social Security programs, which could have significant implications for the benefits and services that many boomers rely on. With the future of Social Security hanging in the balance, it is more crucial than ever to familiarize oneself with these proposed changes and formulate a well-thought-out plan for the future. Here is what you …

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New Social Security Commissioner pledges to fix customer service crisis

Washington, D.C. – Martin O’Malley, President Biden’s nominee for the role of Social Security Commissioner, aims to address the flaws and customer service crisis plaguing the agency. O’Malley, who previously ran for president with a plan to expand the program, now seeks to focus on revitalizing current operations rather than making sweeping changes. During his confirmation hearing, O’Malley highlighted the pressing need to improve customer service, emphasizing that the agency has been without a permanent …

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What to Expect: Social Security Adjustments for 2024

Social Security, a vital government program in the United States, is undergoing significant changes in the upcoming year. These updates will impact everything from payroll tax deductions to retirement benefits. To ensure you are prepared for the new year, here are the key shakeups to watch out for. 1) COLAs The Social Security Administration (SSA) adjusts the payouts annually to accommodate rising inflation. The cost-of-living adjustment (COLA) for 2024 will be a modest 3.2%, a …

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Avoid These Retirement Mistakes or Risk Being Broke Forever

When preparing for retirement, it’s crucial to avoid common errors that can hinder your financial stability in the long run. Retirement changes your daily routine, including new income sources and varied commitments. You may have more time for hobbies or assisting others, choose to spend more time at home, or embark on extensive travels. Careful consideration of your future needs, budget, and lifestyle is essential to ensure a comfortable retirement that can last for decades. …

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From Couch Potato to Retirement Hero: 4 Must-know Tips

Planning for retirement is crucial to ensure financial security and a comfortable lifestyle in your later years. As life expectancy increases and healthcare costs rise, it’s essential to take proactive measures and make informed decisions regarding retirement. What you do today can have lasting consequences on your future.

The Reality Of Living On Just Social Security

The goal behind retirement is to enjoy a period of relaxation and peace, yet unfortunately, this is not always the case for everyone. Financial strain, limited job opportunities, and social isolation are just a few challenges individuals face when relying solely on social security. These struggles can leave individuals feeling helpless and frustrated, unsure of how to cope with the demands of daily life.